HMRC Admin 25 Response

Hi Lint,
Gains from Forex trading are taxable in the UK under Capital Gains Tax.
Although there is no requirement to declare losses to HMRC, if you do, you can carry them forward to set agains a gain arising in a future tax year. You have 4 years from the end of the tax year the losses arise, to declare them to HMRC.
If you are required to complete a tax return, you would declare the losses in the Capital Gains section or on SA108 and where no tax return is required, a written letter with supporting evidence would be posted to so that the losses can be agreed and logged for the future.
H.M. Revenue and Customs Self Assessment BX9 1AS.
Thank you. 


 

Hi HelNeedsHelp,
The redundancy payment up to 5 April 2023, should be included in the P60 and would be declared in your 2022 to 2023 tax return.
The remainder of your redundancy payment should be shown on a P45 and declare 23/24 tax year.
As we cannot comment on scenarios, you will need to contact the Self Assessment helpline 0800 200 3310 for a more detailed response.
Thank you. 


 

Hi Chris Snowden,
There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends.
These would then potentially be subject to tax.
Further guidance can be found here:
Tax on savings interest
Tax on dividends
Your parent may need to consider Inheritance Tax implications:
Inheritance Tax: general enquiries
You may also want to review the guidance here:
How Inheritance Tax works: thresholds, rules and allowances
Thank you. 

 

Hi Marianne McGrath,
You would need to contact the PAYE helpline to have your tax codes checked and your estimated pay changed.
Their telephone number is 0300 200 3300 or via webchat here:
Income Tax: general enquiries
Thank you. 

Hi Josephine M,
The guidance for box 9 advises:
"If you had one or more homes overseas and you spent at least 30 days in any one of those homes during the 2022 to 2023 tax year, put ‘X’ in box 9. You must consider each overseas home separately".
As it states 'during 2022 to 2023', it means the whole tax year, inlcuding any periods covered by split year treatment.
Thank you. 

 

Hi Jonny Young,
The limit for payment into an ISA is £20000.00, which include the amount paid into the other ISA this year.
Thank you. 
 

Hi Klaudia Dobrzycka,
If the repayment reduces the self emplolyment expenses in your tax return, then yes.
If you are not self employed, then no.
Thank you. 

 

Hi imh650,
You would declare this in SA101:
Self Assessment: additional information (SA101)
Or online in section 3 - Tailor your return, where you tick yes to "Did you receive any other UK income"
When you move to the section, fill in your return, there will be  a section for "
Other UK income"
Chargeable events should be included here.
Thank you.

 

Hi jacobkung,
We cannot advise you on the outcome of scenarios.
You would need to look at the residency tests when you return to the UK, to determine if how they apply to your circumstances.
Guidance on the statutory residence tests can be found here:
RDR3 Statutory Residence Test
Thank you. 
 

Hi Klaudia Dobrzycka
You usually, don't need to pay Capital Gainst Tax on the disposal of your car, unless you've used it for business.
Have a look here for some more information:
Capital Gains Tax on personal possessions
Thank you.